Canalys' recent global wearable band market analysis forecasts a 2% rise in 2023, totaling to 186 million units. This growth is primarily driven by a significant 22% surge in basic watch shipments in emerging markets, notably India.
Retail Critical Issues
These Critical issue articles relate to strategy, legislation, technology, best practice and some of the most challenging business topics in the world of retail information technology. The articles in this section have been contributed by leading vendors, industry leaders, research analysts, trade associations and consultancies. This collection of articles cover a variety of topics relating to IT equipment, hardware & software being used in a wide variety of retail and retail supply chain environments across Europe. They look at market trends, improvements in technology and some thought provoking comment on all aspects of optimising and improving efficiencies in store and across retail supply chains.
Going the last mile with robotic parcel sorting
Jan 09, 2024
Everyone has heard of going the extra mile, but for e-commerce, parcel, postal and logistics companies, the last mile is often the most challenging.
To streamline how parcels arrive on the doorstep, many businesses are relying on localised or temporary facilities. For smaller sorting centres close to the customer, robots are a proven solution to optimise routes, maximise available capacity and reduce overheads.
January sales: The most haul-worthy high-street brands on TikTok revealed - H&M crowned top
Jan 08, 2024
New research has identified which UK high-street clothing brands create the most buzz on TikTok, based on how frequently they appear in online ‘hauls’ - with H&M crowned top.
Experts reveal top tips on keeping your home safe after Christmas
Jan 08, 2024
Jack Grealish has recently become a victim of robbery where thieves stole £1 million worth of watches and jewellery just days after Christmas. It goes to show no matter how well-protected you think your house is, there is always a chance you could be subjected to burglary, too.
Online shopping trends: US tops the list in annual spending
Jan 08, 2024
United States residents spend the most time online shopping, annually spending more than 905 billion on online purchases.The Netherlands is the country with the highest percentage of online shoppers, surpassing even the US.
Softcat reveals cyber security is top IT priority for the retail sector in 2024
Jan 08, 2024
A new report by provider of IT infrastructure, Softcat, offers a look into the technologies the retail sector is prioritising over the next 12 months.
Top Tips to Improve Your Customer Service
Jan 05, 2024
By Tim Jefferson, freelance writer.
Keeping your customers happy and providing them with excellent service should be one of your biggest business goals of 2024. Good customer service is the backbone of a successful business, inspiring brand loyalty, returning customers, and overall growth for your company.
This 1 mistake will make you an easy target for hackers
Jan 02, 2024
There are many ways that hackers attack individuals that consumers need to be aware of, but there is one common mistake that stands out above them all. That one mistake? According to Verizon, 81% of data breaches are because of poor password security. Privacy expert Trevor Cooke from EarthWeb argues that by beefing up password security, people will vastly reduce their risk of being hacked.
Mood Media research finds Shoppers need inspiration
Jan 02, 2024
Nearly two-thirds of shoppers step into a store without a specific purchase in mind, looking to be inspired by retailers who can craft the ideal ambience through digital screens and interactive kiosks.
New year, new security: Is your website prepared for the extra traffic?
Jan 02, 2024
It's not just retailers that could have profited from this busy spending season; it's cyber hackers, according to Espria, Managed IT, Document Solutions & Communications specialists.
Critical issues:
The retail industry is facing a number of critical issues including:
- The rise of e-commerce: Online shopping has been growing rapidly in recent years, and it is now a major threat to traditional brick-and-mortar retailers. Online shopping has been growing steadily for years, and the COVID-19 pandemic has accelerated this trend. As a result, many brick-and-mortar retailers are struggling to compete.
- The need for omnichannel customer experience: In order to compete with e-commerce retailers, traditional brick-and-mortar stores need to offer a seamless omnichannel customer experience. This means that customers should be able to shop online, in-store, or through a combination of both channels, and have a consistent experience regardless of how they choose to shop.
- The need for data-driven decision making: Retailers need to use data to make better decisions about everything from product assortment to pricing to marketing. This means collecting and analyzing data from a variety of sources, including customer transactions, website traffic, and social media activity.
- The need for a strong workforce: The retail industry is facing a labor shortage, as many retailers are struggling to attract and retain qualified workers. This is a major challenge, as a strong workforce is essential for providing excellent customer service and meeting the demands of the ever-changing retail landscape.
- The need to stay ahead of the competition: The retail industry is constantly evolving, and retailers need to be able to adapt quickly to new trends and technologies. This means being open to change and being willing to invest in new initiatives.
In addition to the challenges mentioned above, the retail industry is also facing a number of other threats, including:
- Cybersecurity threats: The retail industry is a major target for cyberattacks, as retailers collect and store a large amount of customer data. Retailers need to take steps to protect their data from cyberattacks, such as implementing strong security measures and educating employees about cybersecurity threats.
- Regulatory compliance: Retailers need to comply with a variety of regulations, such as those related to data privacy, product safety, and labor laws. Failure to comply with these regulations can result in significant fines and penalties.
- Sustainability: Consumers are increasingly demanding that retailers adopt sustainable practices. Retailers need to find ways to reduce their environmental impact and improve their sustainability practices.
In addition to these critical issues, the retail industry is also facing a number of other challenges, such as:
- The increasing cost of doing business: The cost of rent, labor, and inventory is all rising, making it more difficult for retailers to make a profit.
- The threat of cybercrime: Retailers are increasingly vulnerable to cyberattacks, which can lead to data breaches and financial losses.
- The changing regulatory landscape: Retailers need to stay up-to-date on the latest regulations, which can be complex and time-consuming.
- The growth of artificial intelligence (AI): AI is already being used in the retail industry to automate tasks, personalize the shopping experience, and predict customer behavior. As AI continues to develop, it is likely to have a profound impact on the retail industry.
- The changing demographics of the customer base: The demographics of the global population are changing, and retailers need to adapt their strategies to reach these new customers.
The retail industry is constantly evolving, and retailers need to be prepared to adapt to change in order to survive and thrive. The critical issues discussed above are just a few of the challenges that retailers will face in the years to come. By understanding these challenges and developing effective strategies to address them, retailers can position themselves for success in the future.
